Grains Report 10/30/2024

WHEAT
General Comments: The markets were higher yesterday despite forecasts for very beneficial rains for the Great Plains and Midwest. The rains will allow Wheat farmers to plant the Winter crops. The US Dollar held higher. At least two Wheat producing regions in Russia have declared a state of emergency for Wheat producers due to a lack of rain and little to no rain has been a problem with Winter Wheat planting in the US. Ideas are that the Great Plains are too hot and dry for best Wheat development are still around as the Winter crop gets planted. It is also hot and dry in western Canada. Both areas could get better rains in the next two weeks. Cash markets in Russia were higher as production estimates remain lower and two regions have been declared a farming emergency due to the hot and dry weather.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to down. Support is at 556, 544, and 538 December, with resistance at 589, 595, and 598 December. Trends in Kansas City are mixed to down. Support is at 561, 556, and 549 December, with resistance at 583, 593, and 603 December. Trends in Minneapolis are mixed to down. Support is at 595, 586, and 580 December, and resistance is at 611, 624, and 632 December.

RICE:
General Comments: Rice closed lower yesterday after making new highs for the move and trends are still mixed on the daily charts. The US Dollar was higher and this hurt demand ideas. Lower Asian prices are still reported after India opened up exports for non Basmati White Rice in recent weeks. Brazil prices remain strong and well above US prices. The US weather has been an issue much of the growing season with too much rain early in the year. Some areas are now too hot and dry, especially in Texas, and Texas yields are down. The harvest is over for most US producers.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1489, 1475, and 1466 November and resistance is at 1512, 1518, and 1525 November.

CORN AND OATS
General Comments: Corn closed higher as demand remains strong. The US Dollar held higher. Oats were a little higher. The harvest is still active and yield reports in general have been strong. It remains very dry in the Midwest to promote the very active harvest progress. The harvest will be complete in two weeks or less. Some rain is in the forecast for later this week. Corn is being harvested with dry grain. The Corn is often well below 12% moisture level and this could cost some yield at the end of the day. Crop conditions in southern Brazil and Argentina with reports of ample moisture in southern Brail and report of improving moisture levels in Argentina. The demand has been strong and it could be that the US political situation is playing a part in the strength in demand as many fear that Trump can win and would impose new tariffs and create trade wars.
Overnight News: USDA said that 273,048 tons of Corn was received for shipment to unknown destinations.
Chart Analysis: Trends in Corn are mixed. Support is at 408, 399, and 397 December, and resistance is at 418, 424, and 428 September. Trends in Oats are mixed. Support is at 374, 370, and 357 December, and resistance is at 390, 394, and 397 December.

SOYBEANS
General Comments: Soybeans and the products lower again yesterday. The US Dollar held higher. Brazilian farmers are planting what is expected to be a very big crop in central and northern areas of the country. An uptrend is still possible. Ideas are that a potential Trump presidency would hurt trade potential with many countries, but especially China. It could be that export buyers and sellers are getting ahead of any threat of a new Trump presidency and the threat of another big round of tariffs now. China has announced new economic support measures for its economy last week. Warm and dry weather in the Midwest recently has hurt production ideas due to ideas of small and very dry beans in the pods. Farmers have focused on Soybeans harvest but now are almost done and are moving through Corn. Soybeans ae often harvested at moisture levels below 10% this year. Dry weather will last all week. Central and northern Brazil rains will stick around as it looks like the rainy season is now underway. Soils are in much better shape in southern Brazil and Argentina.
Overnight News: China and unknown destinations each bought 132,000 tons of US Soybeans.
Analysis: Trends in Soybeans are down. Support is at 967, 961, and 955 November, and resistance is at 994, 1012, and 1025 November. Trends in Soybean Meal are mixed to down. Support is at 300.00, 294.00, and 288.00 December, and resistance is at 323.00, 327.00, and 332.00 December. Trends in Soybean Oil are mixed to up. Support is at 4260, 4140, and 4070 December, with resistance at 4400, 4530, and 4560 December.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher today on price action in outside markets and ideas of tight supplies at home. There are ideas of weaker production to go along with the reports of good demand. Canola was higher in recovery trading. The US Dollar held higher. Ideas are that China might be buying ahead to get imports in place before any new tariffs are decided and the Canadian Grain Commission reported strong Chinese demand earlier in the week. The weather has been hot and dry in Canada, and it looks like Canola production has been impacted. The weather has called for dry conditions in the Prairies and yields are expected to be the same or less.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 616.00, 614.00, and 607.00 November, with resistance at 645.00, 668.00, and 681.00 November. Trends in Palm Oil are up. Support is at 4460, 4360, and 4310 January, with resistance at 4660, 4720, and 4780 January.

DJ Canadian Oilseeds Monthly Crush – Oct 2
Canadian oilseeds monthly crush – September 2024
WINNIPEG — Crushing statistics of major oilseeds in Canada
for the month of September 2024, reported by Statistics
Canada are as follows:
Figures are in metric tons.
Year Ago 2024/25 2023/24
Canola Sep 2024 Sep 2023 To Date To Date
Seed crushed 933,065 922,108 1,783,584 1,751,598
Oil produced 394,851 390,460 758,016 738,066
Meal produced 544,428 540,166 1,038,456 1,031,979
Soybeans
Seed crushed 79,465 146,735 149,774 270,386
Oil produced 14,989 27.522 27,684 50,884
Meal produced 62,767 115,067 118,359 211,635
Source: MarketsFarm (news@marketsfarm.com)

Midwest Weather Forecast Mostly dry. Temperatures should average above normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – Oct 30
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Wednesday, supplied by commodity broker Matthes & Porton Bhd.
Prices are quoted in U.S. dollars a metric ton, except for crude palm oil and palm kernel oil, which are in ringgit a ton. Palm kernel oil prices are in ringgit a pikul, a Malaysian measurement equivalent to 60 kilograms.
Refined, bleached and deodorized palm oil, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1140.00 +05.00 Unquoted – –
Dec 1130.00 +10.00 Unquoted – –
Jan/Feb/Mar 1105.00 +12.50 Unquoted – –
Apr/May/Jun 1050.00 +07.50 Unquoted – –
Jul/Aug/Seep 1000.00 +02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1145.00 +05.00 Unquoted – –
Dec 1135.00 +10.00 Unquoted – –
Jan/Feb/Mar 1110.00 +12.50 Unquoted – –
Apr/May/Jun 1055.00 +07.50 Unquoted – –
Jul/Aug/Sep 1005.00 +02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1125.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 952.50 +07.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 4,800.00 +40.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 421.00 +01.00 Unquoted – –
($1=MYR4.3825)

DJ China Dalian Grain Futures Closing Prices, Volume – Oct 30
Soybean No. 1
Turnover: 115,399 lots, or 4.58 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-24 3,910 3,950 3,910 3,949 3,901 3,923 22 544 6,244
Jan-25 3,954 3,991 3,946 3,989 3,943 3,963 20 96,360 208,630
Mar-25 3,948 3,975 3,938 3,975 3,931 3,952 21 5,027 31,710
May-25 3,978 4,008 3,976 4,008 3,971 3,988 17 12,460 36,832
Jul-25 4,008 4,028 4,000 4,028 3,994 4,010 16 515 5,777
Sep-25 4,026 4,046 4,019 4,045 4,014 4,028 14 493 8,066
Corn
Turnover: 787,620 lots, or 17.68 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-24 2,182 2,209 2,182 2,205 2,184 2,192 8 22,540 53,005
Jan-25 2,228 2,253 2,223 2,247 2,226 2,236 10 627,398 902,657
Mar-25 2,248 2,272 2,244 2,267 2,248 2,256 8 53,684 280,094
May-25 2,291 2,318 2,291 2,316 2,295 2,305 10 57,954 141,238
Jul-25 2,308 2,334 2,307 2,334 2,313 2,322 9 21,999 85,341
Sep-25 2,333 2,351 2,329 2,351 2,331 2,341 10 4,045 10,953
Soymeal
Turnover: 2,399,647 lots, or 70.72 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-24 2,891 2,936 2,869 2,930 2,882 2,905 23 16,641 22,622
Dec-24 2,995 3,026 2,960 3,020 2,978 2,991 13 36,375 188,431
Jan-25 3,015 3,026 2,966 3,015 2,983 2,995 12 1,543,142 1,528,721
Mar-25 2,980 3,008 2,944 2,974 2,973 2,969 -4 91,706 223,661
May-25 2,833 2,850 2,812 2,836 2,829 2,826 -3 604,757 1,475,193
Jul-25 2,821 2,834 2,805 2,823 2,817 2,815 -2 14,591 148,045
Aug-25 2,913 2,927 2,897 2,915 2,913 2,909 -4 7,234 91,327
Sep-25 2,914 2,928 2,898 2,918 2,914 2,910 -4 85,201 282,699
Palm Oil
Turnover: 880,473 lots, or 81.93 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-24 9,506 9,540 9,420 9,528 9,404 9,480 76 413 1,080
Dec-24 9,422 9,492 9,346 9,466 9,354 9,412 58 10,989 10,420
Jan-25 9,382 9,418 9,274 9,392 9,272 9,342 70 791,007 569,727
Feb-25 9,266 9,302 9,172 9,286 9,158 9,244 86 274 483
Mar-25 9,118 9,194 9,068 9,182 9,062 9,130 68 774 2,715
Apr-25 9,044 9,078 8,978 9,062 8,956 9,026 70 121 440
May-25 8,900 8,976 8,858 8,938 8,838 8,910 72 74,981 158,032
Jun-25 8,800 8,826 8,736 8,786 8,728 8,784 56 68 265
Jul-25 8,636 8,664 8,590 8,640 8,568 8,626 58 67 280
Aug-25 8,542 8,542 8,470 8,470 8,450 8,502 52 9 70
Sep-25 8,378 8,460 8,326 8,364 8,344 8,376 32 1,738 5,356
Oct-25 8,404 8,404 8,300 8,338 8,332 8,328 -4 32 155
Soybean Oil
Turnover: 539,611 lots, or 44.92 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-24 8,162 8,216 8,126 8,174 8,162 8,180 18 2,802 4,727
Dec-24 8,376 8,440 8,318 8,388 8,344 8,370 26 5,681 13,189
Jan-25 8,456 8,480 8,348 8,422 8,380 8,408 28 415,122 657,780
Mar-25 8,236 8,286 8,184 8,246 8,192 8,230 38 907 5,403
May-25 8,100 8,104 7,986 8,050 8,018 8,036 18 108,597 407,068
Jul-25 7,870 7,870 7,786 7,840 7,816 7,838 22 120 1,558
Aug-25 7,880 7,884 7,792 7,840 7,810 7,830 20 39 228
Sep-25 7,866 7,870 7,766 7,810 7,786 7,806 20 6,343 15,107
Notes:
1) Unit is Chinese yuan a metric ton;
2) Ch. is day’s settlement minus previous settlement;
3) Volume and open interest are in lots;
4) One lot is equivalent to 10 metric tons.

Questions? Ask Jack Scoville today at 312-264-4322